From Friedman's perspective, a conception of corporate social responsibility (CSR) that differs from shareholder value maximization must be costly and can have only two interpretations-either a political process is to be used to make decisions or ________.

Question

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Friedman's perspective on corporate social responsibility (CSR) suggests that any deviation from shareholder value maximization implies that managers are making decisions based on their own interests or values, rather than acting as agents who should prioritize the interests of the shareholders. Thus, they would be acting as principals (making decisions based on their own interests) rather than as agents (making decisions in the best interest of the shareholders).

From Friedman's Perspective, a Conception of Corporate Social Responsibility (CSR)